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203 Coalyard Drive Garner, NC 27529

4 Beds 3 Baths 2,279 sqft Built 2007

$240,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $105.31
  • 2 Days on Market
  • MLS # : 2356586
  • Updated Date : 12/05/2020 at 21:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,279 sqft
  • Baths : 2 full , 1 half
Listing Agent

Hometowne Realty

Listing Agent's Description

COMING SOON 4 bedroom home close to White Oak shopping center in Bingham Station. Spacious bedrooms & open floor plan home. Home is being sold AS-IS.

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MARKET HIGHLIGHTS

  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • Raleigh-Durham combined metros' economy is worth over $137 billion in Gross Metro Product and projected to grow to $146 billion in 2019 (USMayors.org, 2018)
  • Raleigh-Durham combined metros has 65.3% labor force participation rate higher than the national rate of 62.8% (USMayors.org, 2018)
  • Raleigh-Durham combined metros contribute to 24.1% of North Carolina's state economy i.e. Gross State Product (USMayors.org, 2018)
  • University of North Carolina, Duke University and Davidson University systems drive rental demand

PRICE & RENT TRENDS

Neighborhood: Bingham Station

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Bingham Station

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2950100010501100115012001250130013501400145015001550Rent in $9461596

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Bryan Road Elementary Primary Regular NA
East Garner Middle School Middle Magnet 1,361 83 4
South Garner High School High Regular NA

Bryan Road Elementary

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

East Garner Middle School

  • Education Level: Middle
  • # of students: 1,361
  • # of teachers: 83
4
GreatSchools Rating

South Garner High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$886
Property Tax -$235
Property Insurance -$72
HOA -$25
Property Management Fees -$119
CASH FLOW
$364

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$240,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.9%
Maintenance Year (1-5) 8.00%
Vacancy 7.49%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$886

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

12.75

YEARS SAVED

$56,657

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,700

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,694

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,645
1$1,6452$1,6453$1,7004$1,995
$1,995
RENT COMPS ANALYSIS
  • 203 Coalyard Drive Garner, NC 3
    • 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.75
    •  
  • 205 Dando Street Garner, NC 1
    • 3 beds 3 baths ∙ 2,243 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,243 Sqft ∙ Built 2020
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.73
    •  
  • 247 Dando Street Garner, NC 2
    • 3 beds 3 baths ∙ 2,243 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,243 Sqft ∙ Built 2020
    LEASED 05/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.73
    •  
  • 145 Tallowwood Drive Garner, NC 4
    • 4 beds 3 baths ∙ 2,590 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,590 Sqft ∙ Built 2012
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.77
    •  
PROPERTY LISTING DETAILS
Diana May
1.919.608.7702
Hometowne Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2356586
Last Updated: 12/05/2020
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